Common use of Purchase of Receivables Upon Breach Clause in Contracts

Purchase of Receivables Upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, shall inform the other party and the Indenture Trustee and the Depositor promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and the Servicer shall deliver a revised Schedule of Receivables to the Depositor and the Trust, which shall reflect the repurchase of such Receivables. In consideration of the purchase of any such Receivable pursuant to the preceding sentence, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.05. Subject to Section 7.02, the sole remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.02, 4.05, 4.06 or 7.01 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section.

Purchase of Receivables Upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, Trustee shall inform the other party and party, the Indenture Trustee Trustee, the Seller and the Depositor Credit promptly, in writing, upon the discovery of any breach pursuant to Section 4.024.2, 4.05, 4.06 4.4 or 7.014.5. Unless the breach shall have been cured by the last day of the second Collection Period following in which such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period)breach is discovered, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and day. If the Servicer takes any action during any Collection Period pursuant to Section 4.2 that impairs the rights of the Issuer, the Indenture Trustee, the Certificateholders or the Noteholders in any Receivable or as otherwise provided in Section 4.2, the Servicer shall deliver a revised Schedule purchase such Receivable as of Receivables to the Depositor and the Trust, which shall reflect the repurchase last day of such ReceivablesCollection Period. In As consideration of for the purchase of any such Receivable pursuant to either of the two preceding sentencesentences, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.055.4. Subject to Section 7.027.2, the sole remedy of the Issuing EntityIssuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.024.2, 4.05, 4.06 4.4 or 7.01 4.5 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase purchase of any Receivable pursuant to this Section.

Purchase of Receivables Upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, Trustee shall inform the other party and party, the Indenture Trustee Trustee, the Seller and the Depositor Case Credit promptly, in writing, upon the discovery of any breach pursuant to Section 4.024.2, 4.05, 4.06 4.4 or 7.014.5. Unless the breach shall have been cured by the last day of the second Collection Period following in which such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period)breach is discovered, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and day. If the Servicer takes any action during any Collection Period pursuant to Section 4.2 that impairs the rights of the Issuer, the Indenture Trustee, the Certificateholders or the Noteholders in any Receivable or as otherwise provided in Section 4.2, the Servicer shall deliver a revised Schedule purchase such Receivable as of Receivables to the Depositor and the Trust, which shall reflect the repurchase last day of such ReceivablesCollection Period. In As consideration of for the purchase of any such Receivable pursuant to either of the two preceding sentencesentences, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.055.4. Subject to Section 7.027.2, the sole remedy of the Issuing EntityIssuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.024.2, 4.05, 4.06 4.4 or 7.01 4.5 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase purchase of any Receivable pursuant to this Section.

Purchase of Receivables Upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, shall inform the other party and the Indenture Trustee and the Depositor Seller promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and the Servicer shall deliver a revised Schedule of Receivables to the Depositor Seller and the Trust, which shall reflect the repurchase of such Receivables. In consideration of the purchase of any such Receivable pursuant to the preceding sentence, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.05. Subject to Section 7.02, the sole remedy of the Issuing EntityIssuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.02, 4.05, 4.06 or 7.01 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section.

Purchase of Receivables Upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, shall inform the other party and the Indenture Trustee and the Depositor promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and the Servicer shall deliver a revised Schedule of Receivables to the Depositor and the Trust, which shall reflect the repurchase of such Receivables. In consideration of the purchase of any such Receivable pursuant to the preceding sentence, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.05. Subject to Section 7.02, the sole remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.02, 4.05, 4.06 or 7.01 shall be to require the Servicer to purchase Receivables pursuant to this Section. The None of the Servicer, the Issuing Entity, the Owner Trustee shall Trustee, the Indenture Trustee, the Asset Representations Reviewer, the Seller, the Depositor or the Administrator will have no duty an obligation to conduct any affirmative investigation as to investigate whether a breach or other event has occurred that would require the occurrence of any condition requiring the repurchase purchase of any Receivable pursuant under this Section 4.07 or whether any Receivables is required to be purchased under this SectionSection 4.07.

Purchase of Receivables Upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, shall inform the other party and the Indenture Trustee and the Depositor Seller promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s 's election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and the Servicer shall deliver a revised Schedule of Receivables A to the Depositor Seller and the Trust, which shall reflect the repurchase of such Receivables. In consideration of the purchase of any such Receivable pursuant to the preceding sentence, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.05. Subject to Section 7.02, the sole remedy of the Issuing EntityIssuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.02, 4.05, 4.06 or 7.01 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section.

Purchase of Receivables Upon Breach. The Servicer or the ----------------------------------- Owner Trustee, on behalf of the Trust, shall inform the other party and the Indenture Trustee and the Depositor Seller promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s 's election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and the Servicer shall deliver a revised Schedule of Receivables A to the Depositor Seller and the Trust, which shall reflect the repurchase of such Receivables. In consideration of the purchase of any such Receivable pursuant to the preceding sentence, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.05. Subject to Section 7.02, the sole remedy of the Issuing EntityIssuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.02, 4.05, 4.06 or 7.01 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section.

Purchase of Receivables Upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, shall inform the other party and the Indenture Trustee and the Depositor Seller promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s 's election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and the Servicer shall deliver a revised Schedule of Receivables to the Depositor Seller and the Trust, which shall reflect the repurchase of such Receivables. In consideration of the purchase of any such Receivable pursuant to the preceding sentence, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.05. Subject to Section 7.02, the sole remedy of the Issuing EntityIssuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.02, 4.05, 4.06 or 7.01 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section.

Purchase of Receivables Upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, Trustee shall inform the other party and party, the Indenture Trustee Trustee, the Seller, NH Credit and the Depositor Case Credit promptly, in writing, upon the discovery of any breach pursuant to Section 4.024.2, 4.05, 4.06 4.4 or 7.014.5. Unless the breach shall have been cured by the last day of the second Collection Period following in which such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period)breach is discovered, the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and day. If the Servicer takes any action during any Collection Period pursuant to Section 4.2 that impairs the rights of the Issuer, the Indenture Trustee, the Certificateholders or the Noteholders in any Receivable or as otherwise provided in Section 4.2, the Servicer shall deliver a revised Schedule purchase such Receivable as of Receivables to the Depositor and the Trust, which shall reflect the repurchase last day of such ReceivablesCollection Period. In As consideration of for the purchase of any such Receivable pursuant to either of the two preceding sentencesentences, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.055.4. Subject to Section 7.027.2, the sole remedy of the Issuing EntityIssuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.024.2, 4.05, 4.06 4.4 or 7.01 4.5 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase purchase of any Receivable pursuant to this Section.